TORONTO, September 17, 2021 / CNW / – Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML) (NYSE American: DNN) is pleased to announce that UEX Corporation (“UEX”) has repaid the 90-day interest-free term loan made to UEX by Denison in connection with the purchase of JCU by UEX (Canada) Exploration Company, Limited (“JCU”) (the “Term Loan”, see Denison’s press release from August 3, 2021). On the transfer of 50% of the shares of JCU from UEX to Denison, carried out on August 3, 2021, $ 20.5 million of the amount withdrawn from the term loan was deemed to be reimbursed by UEX. The balance of the term loan, $ 20.45 million, was reimbursed in cash by UEX today. See the PDF version.
David Cates, President and CEO of Denison, said: “Denison congratulates UEX on its recent financing and the repayment of the term loan. We look forward to working with UEX on the Denison Wheeler River flagship project and the various other projects that make up JCU’s unique and valuable portfolio of strategic interests in Canadian uranium.
As part of the repayment, Denison agreed to release his collateral for the term loan, including the pledge of all of the JCU shares held by UEX.
Denison is a uranium exploration and development company with interests concentrated in the Athabasca northern basin region Saskatchewan, Canada. The Company has an effective 95% interest in its flagship Wheeler River uranium project, which is the largest undeveloped uranium project in the infrastructure-rich eastern part of the Athabasca northern basin region Saskatchewan. Denison’s interests in Saskatchewan also include a 22.5% interest in the McClean Lake Joint Venture (“MLJV”), which includes several uranium deposits and the McClean Lake Uranium Mill which processes ore from the Cigar Lake mine under a milling agreement A 25.17% interest in the Midwest Main and Midwest A deposits and a 66.90% interest in the Tthe Heldeth Túé (“THT”, formerly J Zone) and Huskie deposits on the Waterbury Lake property. Midwest Main, Midwest A, THT and Huskie are located within 12 miles of the McClean Lake plant.
Through its 50% stake in JCU, Denison also owns stakes in various uranium project joint ventures in Canada, including the Millennium Project (JCU 30.099%), the Kiggavik Project (JCU 33.8123%) and Christie Lake (JCU 34.4508%).
Denison is also engaged in mine decommissioning and environmental services through its Closed Mines group (formerly Denison Environmental Services), which manages Denison’s business. Elliot Lake reclamation projects and provides post-closure mine maintenance and servicing services to a variety of industrial and government clients.
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Caution Regarding Forward-Looking Statements
Certain information contained in this press release constitutes “forward-looking information” within the meaning of the United States and Canadian laws relating to the business, operations, financial performance and condition of Denison. In general, these forward-looking statements can be identified by the use of forward-looking terms such as “plans”, “expects”, “budget”, “planned”, “estimates”, “forecasts”, “intentions”, “anticipate” ‘, or’ believes’, or the negative aspects and / or variations of these words and phrases, or state that certain actions, events or results’ may ‘,’ could ‘,’ would ‘,’ could ‘or’ would ‘, “To occur”, “to be achieved” or “has the potential to”. In particular, this press release contains forward-looking information relating to Denison’s expectations regarding its interests in the joint venture and the continuity of its agreements with its partners.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, Denison’s level of activity, performance or achievements be materially different from those expressed or implied by these forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable and no assurance can be given that these expectations will prove to be correct and the results may differ materially from those anticipated in this forward-looking information. For a discussion of the risks and other factors that could influence forward-looking events, please refer to the factors discussed in the AIF dated March 26, 2021 under the heading “Risk Factors”. These factors are not and should not be construed as exhaustive.
Therefore, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. All forward-looking information and the assumptions made in this regard speak only as of the date of this press release. Denison assumes no obligation to update or publicly revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in Denison’s expectations, except as required by applicable law.
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SOURCE Denison Mines Corp.
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